| Trade and other receivables |
7.Trade and other receivables | | | | | | | 2025 | | 2024 | Current | | | | | Concessions (1) | | 4,391 | | 4,392 | Fuel Price Stabilization Fund (2) | | 3,029 | | 7,623 | Customers | | | | | Foreign | | 3,632 | | 4,737 | Domestic | | 2,705 | | 2,606 | Related parties (Note 31) | | 140 | | 167 | Accounts receivable from employees | | 136 | | 126 | Industrial services | | 27 | | 81 | Other | | 1,424 | | 1,038 | | | 15,484 | | 20,770 | Allowance for expected losses (3) | | (604) | | (344) | | | 14,880 | | 20,426 | | | | | | Non-current | | | | | Concessions (1) | | 30,903 | | 28,270 | Accounts receivable from Sao Paulo State (4) | | 2,237 | | 2,194 | Accounts receivable from employees | | 815 | | 710 | Related parties (Note 31) | | 531 | | 347 | Customers | | | | | Domestic | | 229 | | 138 | Foreign | | 64 | | 86 | Other (4) | | 939 | | 996 | | | 35,718 | | 32,741 | Allowance for expected losses (3) (4) | | (588) | | (605) | | | 35,130 | | 32,136 |
| (1) | It corresponds to accounts receivable for concessions to provide public energy transport services and public road transport services, mainly in Brazil (see Note 7.1) and Chile. |
| (2) | It corresponds to the outstanding balance owed to the Fuel Price Stabilization Fund (FEPC), which was created by the National Government to mitigate fluctuations in international prices of oil and its derivatives, such as gasoline and diesel. Its main objective is to prevent drastic increases in international prices from being passed directly on to the end consumer. The amount is the estimate established in accordance with Resolution 180522 of March 29, 2010, and other regulations that modify and supplement it (Decree 1880 of 2014 and Decree 1068 of 2015), which establishes the procedure for recognizing the subsidy for refiners and importers of regular gasoline and diesel, and the methodology for calculating the net position (the difference between the parity price and the regulated price, which can be positive or negative). |
The movement of the account receivable from the Fuel Price Stabilization Fund is as follows: | | | | | | | 2025 | | 2024 | Opening balance | | 7,623 | | 20,505 | Settlements for the year (Note 25) | | 2,921 | | 7,525 | Mobilizations and others | | 142 | | 107 | Collections (2.1) | | (7,657) | | (20,514) | Closing balance | | 3,029 | | 7,623 |
(2.1) For the year ended December 31, 2025, the Ministry of Finance and Public Credit made payments to the Ecopetrol Group for $7,658 corresponding to the balances accrued in 2024 as follows: Ecopetrol S.A. for $5,997 and Refinería de Cartagena S.A.S. for $1,661. | (3) | It corresponds to the recognition of the expected losses associated with customers portfolio. During 2025, an allowance for expected losses on the portfolio of AIR-E S.A.S. E.S.P., an ISA customer, was recognized for $314, in accordance with the expected credit loss model. ISA has implemented and will continue implementing legal actions aimed at recovering this account receivable, including the account generated before and after the intervention by the Superintendency of Residential Public Services. |
| (4) | It corresponds to accounts receivable of ISA Energía Brasil S.A. from the Government of Brazil for employee benefits governed by Law 4819 of 1958. The gross value of these receivables is $2,237 (2024: $2,194), and the allowance for expected losses is $352 (2024: $368), for a net book value of $1,885 (2024: $1,826). Management monitors developments related to the legal aspects of this matter and continuously assesses the potential impact on its consolidated financial statements. ISA Energía Brasil S.A. will continue to make the monthly payments to employees as required by law. Furthermore, it will continue the process of collecting these amounts from the Government of the State of São Paulo and assessing their recoverability. |
The book value of trade and other receivables approximates their fair value. The changes in the allowance for expected losses for the year ended December 31, 2025, 2024 and 2023 are as follows: | | | | | | | | | 2025 | | 2024 | | 2023 | Opening balance | | 948 | | 814 | | 906 | Additions (1) | | 335 | | 132 | | 58 | Currency translation | | (81) | | 10 | | (111) | Accounts receivable write–off and uses | | (10) | | (8) | | (39) | Closing balance | | 1,192 | | 948 | | 814 |
(1) | For 2025, the movement includes the recognition of a provision for expected losses for the accounts receivables from AIR-E S.A.S. E.S.P. |
7.1 | Movement of the contractual asset regulated by Law No. 12,783 – RBSE |
The balance of contractual assets includes the contractual rights arising from the extension of the concession contract of ISA ENERGÍA Brasil (formerly ISA CTEEP), pursuant to Law No. 12,783/2013, which extended concession contract 059 of 2001 until December 2042. This extension gave rise to the right to recognize and recover the values associated with the undepreciated transmission assets existing as of May 31, 2000, under the concept of RBSE (Rede Básica do Sistema Existente in Portuguese). The future cash flows of the RBSE are composed of: (a) a portion corresponding to the remuneration base (economic component); and (b) another portion corresponding to the monetary update at the cost of equity (Ke) (financial component). During 2025 ISA ENERGÍA Brasil’s contractual asset in Brazil, associated with the RBSE (Basic Network of the Existing System), included the Remuneration of concession assets (accrual) for $667, a Regulatory adjustment on remuneration according to Resolução Homologatória (REH) nº 3,466/2025 for $(652) and a payment for concession assets in cash for $1,389. Related to the Regulatory adjustment on remuneration, on June 10, 2025, at the ANEEL (Agência Nacional de Energia Elétrica by its name in Portuguese) Board of Directors meeting, the administrative discussion concluded regarding the request submitted in 2021 by trade associations and market participants in Brazil to reconsider the calculations presented for the payment of the financial component (ke) of the RBSE (Rede Básica do Sistema Existente in Portuguese) to all energy transmission companies that renewed their concessions in 2012. Considering this decision, the payment schedule for the last three installments of the financial component of the RBSE payment was modified, decreasing from BRL $1,578 million annually to BRL $1,271 million (base date: June 2024). In June 2025, an adjustment of $652 was made to the consolidated financial statements, which reduced the contractual asset by $592 net of PIS/Confins. Additionally, the figures of remunerations and payments for concession assets for 2025, less PIS/Confins taxes, corresponds to $614 and $592, respectively.
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